Nitinat Updates Private Placement

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2011) - Nitinat Minerals Corporation (TSX VENTURE:NZZ) (the "Corporation") would like to provide an update as to its proposed private placement. As reported in its press release of September 21, 2011, the Corporation is proceeding with its non-brokered private placement of up to 5,000,000 Units at a price of $0.15 per Unit for gross proceeds of $750,000. Each Unit is comprised of one (1) common share and one (1) common share purchase warrant (the "Warrant"). Each Warrant entitles the holder thereof to purchase one (1) common share for a period of two (2) years from the date of issuance. The Warrants are exercisable at a price of $0.20 per common share. The proceeds will be used for further exploration and development of the Corporation's properties and for general working capital.

Closing of the offering is subject to the receipt of all regulatory approvals.

This update contains "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward looking statements can be identified by the use of forward looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Nitinat is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward looking statements contained in this release. Nitinat cannot assure investors that actual results will be consistent with these forward looking statements and Nitinat assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.